J’AIME JULY/AUGUST 2023

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F I N A N C E ADVERTISING FEATURE Wealth Matters A MONTHLY REVIEW OF THE WORLD OF FINANCE FROM LICHFIELD FINANCIAL ADVISER JEAN LAMB DipPFS How much money do I need to retire? Now there’s a leading question. It’s one I have been asked many times over the last 30 years and there is no stock answer or formula. The answer really lies within ourselves because everyone’s situation is different, as are their expectations, preferences and lifestyles. However, we do need to somehow quantify this to build a plan. Helpfully, the Pension and Lifetime Savings Association (www.retirementlivingstandards. org.uk) has published figures for <strong>2023</strong>-2024 based on independent research by Loughborough University, to show approximately how much individuals and couples may need to have a comfortable, moderate or minimum standard of living in retirement. I won’t quote them all, but they assess individuals need £23,300 a year (a £2,500 increase on the previous tax year) for a moderate standard of living, while couples need £34,000 (up by £3,800). A moderate standard of living stretches to £74 a week on food, with two weeks in Europe and one long weekend in the UK every year. All figures are for the UK, excluding London. The increase in the cost of retirement is worrying news, regardless of when you plan to finish working. But whatever stage you’re at on your saving journey, having a specific income in mind can help you focus and build a plan instead of drifting and keeping fingers crossed. Sources of retirement income These days I use that term very deliberately. When I started providing advice in this area all those years ago, we always called it “pension planning”. Not any more. For some time it has been much more accurate to call it “retirement income planning”. This is because we now have so many options and avenues open to us to fund our retirement. What are the options? Well, these days we do have a lot of complexity surrounding how we use our pension and investment pots for retirement income. However, complexity also equals flexibility in this set of circumstances and that can only be a good thing. Indeed, to have at your disposal pension pots that you can couple with investments such as ISAs to provide your retirement income, can help to significantly reduce your overall income tax burden and therefore reduce the amount of income you might have required had it all been taxable pension alone. Is planning and taking financial advice to plan my retirement that important? My answer is yes. Your adviser can look at your cash flow and help you work out how much you’ll need to live on and help construct your retirement plan and keep it on track. Regular reviews can also keep you and your plans up to date with pension legislation changes and help you take advantage of the flexible options and any tax planning opportunities available to you. They can also seek to ensure the risk profile of your investment portfolio (not just pension) is at the right level for you and in the best position to serve you into retirement. I feel that going it alone in such a complex arena is unlikely to be the best option for most people. It holds true that good financial planning is all about doing the best you can with what you’ve got and this is perhaps more essential today than ever before. The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested. The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is dependent on individual circumstances. Jean Lamb is Principal of Jean Lamb Wealth Consultancy 6A Market Street, Lichfield, WS13 6LH - Tel: 01543 417342 Email: jean.lamb@sjpp.co.uk - Website: www.jeanlamb.co.uk Jean Lamb Wealth Consultancy is an Appointed Representative of and represents only St. James’s Place Wealth Management Plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. SJP Approved 26/06/<strong>2023</strong> 36 www.jaimemagazine.com
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